Il Government does not exercise the Golden Power on Bper-Popolare di Sondrio mergerThe Presidency of the Council of Ministers notified on January 23, 2026, that it did not intend to use its special powers for mergers by incorporation, thus eliminating one of the last regulatory obstacles and paving the way for the full implementation of the merger.
A Business Square il title celebrate: B for Bank rose 1,76% to 11,82 euros, placing it at the top of the FTSE MIB on a day when the banking sector is experiencing strong upward momentum. Over the last six months, the stock has gained over 47%. At the same time, Banca Popolare di Sondrio recorded an increase, marking +1,43% to 17 euros per share and an increase of almost 43% in recent months.
Bper-Popolare di Sondrio, from the takeover bid to the merger: all the stages
The operation is part of a process started in 2025, when Bper acquired 80,69% of the capital –exceeding two thirds – of the Sondrio bank through apublic purchase and exchange offer (OPAS), including the Valtellina institute within its group. Subsequently, on November 5, 2025, the boards of directors of the two banks have the merger by incorporation project has been approved, formalizing the transition from a control operation to a real merger.
With the government's approval, the operation is nearing completion: the legal and operational effectiveness of the merger is expected for the second half of April 2026. In view of that date, the technical details of the integration have also been defined. share exchange is set at 1,45 Bper shares for each Popolare di Sondrio share, without any cash compensation, while the IT migration The transfer to Bper systems is scheduled for the weekend of April 18-19, 2026, with the new platform entering into operation starting the following Monday.
In parallel, an agreement was signed in January 2026 union agreement which regulates the employment aspects of integration, providing for up to 800 voluntary exits between early retirement and access to the Solidarity Fund and, in parallel, 666 new hires permanent. The agreement also includes a 2% quota of terminations reserved for women victims of gender-based violence and the sons and daughters of victims of femicide, as well as provisions on career paths, job classifications, and the extension of the rules on mobility and renewal of part-time contracts until September 30, 2026.
On the network front, the integration includes the closure or merger of approximately 90 branches in the event of territorial overlaps, with approximately 6 million customers and a total network of approximately 2.000 branches. The expected cost synergies are estimated at €190 million annually, while revenue-related synergies could reach €100 million annually. Regarding the post-merger shareholder structure, Unipol Insurance will be the first partner with 18,7%, followed by the Sardinia Foundation at 7%.
